The warnings illustrate the increasing impact that peak metals and plastics prices are having on consumer goods manufacturers.

Somers, N.Y.-based Pepsi Bottling warned that in fiscal 2005 it expects to earn $1.76 to $1.84 a share, excluding an extra week in the company's fiscal calendar.

The prior average estimate of analysts polled by Thomson First Call was for the company to earn $1.86 per share.

Pepsi Bottling said the warning was based partly on expectations that packaging costs in 2005 will be above 2004 levels. The company also noted rising costs for sweeteners.

Toronto-based Cott said that rising prices for commodities such as aluminum and crude oil, which is needed to make the petrochemicals used for plastics bottles, would push its 2004 earnings results to the low end of analysts' expectations of $1.15 to $1.19.

Cott makes and distributes bottled water and soft drinks for such retail giants as Wal-Mart
WMT, -1.58%
and Safeway
SWY, +1.35%

Cott's announcement caused UBS to cut its rating for Cott to "reduce" from "neutral."

Merrill Lynch in a research note Monday noted continuing high prices for ethylene and aluminum in the last two months.

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